USD/JPY Classical

USD/JPY: The corrective rally out from the recent 84.80 multi-year lows has stalled out, and a fresh lower top is now sought out below 92.35, by 90.80, ahead of an eventual retest and break below 84.80. The overriding trend is still intensely bearish and market participants should look to take advantage of any overdone rallies to build on short positions. Only back above 92.35 would give reason for concern and delay structure.   STRATEGY: SELL @89.30 FOR AN OPEN OBJECTIVE; STOP 90.90. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE ON FRIDAY. 3X LEVERAGE.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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